WOO-HOO! Today, dear Tax Slaves is Tax Freedom Day and...AND...is five (5) days later than last year! If you're good with this, raise your hand but if you're not good with this, keep reading.
According to Newsmax, today is the day you and I begin to work for ourselves. Up until now, we've been working to pay taxes. "According to the Tax Foundation, which does the calculations to determine Tax Freedom Day, the date is later this year "due mainly to the fiscal cliff that raised federal taxes on individual income and payroll. Additional, the Affordable Care Act's investment tax and excise tax went into effect." Um, I think that means Obamacare which has changed, several times, for the worse since it was first forced down our throats.
No, wait...that cannot be. Obama promised not to raise taxes. Now, what does that mean in plain language? He lied. For a list of Obamacare tax hikes, please click here.
The Tax Foundation says this year, you and I will pay more than $2.76 trillion in federal taxes and $1.45 trillion in state taxes. Add up what you spend on food, housing and clothing and taxes will be more than the combined total. yay From January 1 to April 18 is 108 days we're working to pay taxes; that's more than 29 percent of the entire year.
The Tax Foundation says it will take us
*32 days to pay federal individual income taxes
*24 days to pay federal social insurance taxes
*12 days to pay state and local sales taxes and excise taxes
*12 days to pay property taxes
*8 days to pay federal corporate income taxes
*3 days to pay other federal taxes
*3 days to pay other state and local taxes
*2 days to pay federal excise taxes
*1 day to pay state and local corporate income taxes
*3 hours to pay state and local social insurance taxes
If you live in a higher-income state, like New Jersey, you'll celebrate Tax Freedom Day on May 4, Connecticut on May 13 and New York on May 6. Those living in Louisiana and Mississippi celebrate on March 29.
Blessings ~ I'm working only 108 days to pay taxes ~ Tax Freedom Day ~